The Americans are coming!
As The Wall Street Journal reports today, a voluntary disclosure program for some of the tens of thousands of Americans with Swiss accounts — in parallel to the UBS investigation — has produced additional European targets for the IRS.
WSJ: Wealthy U.S. citizens using a tax-evasion amnesty program have identified nearly 10 Swiss and European banks where their accounts are held, opening new fronts in the Internal Revenue Service’s probe into potential tax crimes, according to people familiar with the situation.
Among the banks named in the voluntary disclosures are Swiss banks Credit Suisse Group AG, Julius Baer Holding AG, Zürcher Kantonalbank and Union Bancaire Privée, known as UBP.
Now, it’s not clear yet if these banks were as aggressive as UBS in helping American clients avoid U.S. taxes, some of it illegal by U.S. law. But it’s clear that the IRS is going to go far beyond UBS, including the recently mentioned targets of lawyers and other intermediaries between U.S. citizens and Swiss banks.
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